Daily Insight -- Hryvnia continues to decline
The hryvnia weakened for the tenth consecutive trading session as it closed down 0.2% to 26.7042 USD/UAH on Tuesday. The UAH's recent depreciation was caused by seasonal factors as well as the US dollar's strengthening. With no domestic factors supporting the hryvnia, the weakening of the UAH is in line with the CPI- and PPI-based real trade-weighted indices which show that the hryvnia is still overvalued. Yesterday, in the Ukrainian cash market, the hryvnia sold for 26.40 USD/UAH versus 26.60 to buy. Its CPI-based real trade-weighted index fell 0.35% to 105.16; in year-on-year terms, it is up 4.1% from 101.02 last year.
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